Rhodium on upward streak as it breaches $20 000 mark

JOHANNESBURG – RHODIUM has breached the $20 000 (R304 400) an ounce mark for the first time on record, underscoring demand stimulated by the stringent emissions levels.

Rhodium, the precious metal that removes fumes from gasoline car exhausts, rose as China 6 emissions standards set in.

Rhodium exchanged hands at $21 200 an ounce on Friday, higher than the $20 190 an ounce on Wednesday. Impala Platinum spokesperson Johan Theron said rhodium supply and demand fundamentals had been strong for some time now, principally as a result of the increased use of petrol cars globally and stricter emission standards.

Theron said the price support had increased from circa $4 000 to $20 000 an ounce recently.

“This is obviously good news for South Africa, which remains the largest producer of this metal Theron said, adding that it was also not unusual for price volatility at the start of a new calendar year.